About the Company:
Tirupati Forge Limited is an ISO 9001:2008 certified Company engaged in manufacturing of closed die forged products like auto component, bearings, gears, etc
Company’s Manufacturing facility is located at Hadamtala Industrial Estate, Rajkot, Gujarat.
Company was initially set up to cater the requirements of international market mainly to United States of America and gradually, we have started exporting our products to Italy, Morocco, etc and domestic market.
Company’s major market is United States of America where bulk stockist purchases their products and sells it to industrial customers worldwide.
Company’s products are used by automobile industry, refineries, oil pipelines, etc.
Company’s facility is equipped with CNC machines which enable them to supply products based on internationally recognised standards.
For the financial year 2016-17, revenue from exports was 28.47% , while revenue from domestic sales was 71.53%
Management Team:
- Mr.Hitesh Thummar (Designation: Chairman and Managing Director)
- Mr.Ajay Sardhara (Designation: Whole Time Director)
- Mr.Bhavesh Barsiya (Designation: Director)
Promoters Average Acquisition Cost:
| Name of the Promoter | No. of Shares held | Average Acquisition Cost (in Rs.) |
|---|---|---|
| Hitesh Thummar | 7,39,000 | 10.20 |
| Ajay Sardhara | 38,400 | NA |
| Bhargavi Thummar | 11,04,200 | 10.12 |
Promoters Stake Pre & Post Issue:
| Shareholder Name | Pre Issue Stake (%) | Post Issue Stake |
|---|---|---|
| Promoters | ||
| Hitesh Thummar | 18.42% | 12.72% |
| Ajay Sardhara | 0.96% | 0.66% |
| Bhargavi Thummar | 27.52% | 19.00% |
| Promoter-Group Entities | 51.82% | 35.77% |
| Total | 98.72% | 68.15% |
Objectives of the Issue:
- Working Capital requirements.
- Repayment of Loan.
- General Corporate Purpose.
Fund Utilization:
| Particulars | Amount (Rs. in Crores) |
|---|---|
| Working Capital requirements | 2.94 |
| Repayment of Loan | 1.25 |
| General Corporate Purposes | 0.38 |
| Net Proceeds | 4.57 |
| Check IPO Allotment Status: |
|---|
Link Time Websitehttps://linkintime.co.in/PublicIssues/ |
Financials of the Company:
| (in Crores) | FY 14 | FY 15 | FY 16 | FY 17 |
|---|---|---|---|---|
| Revenue | 7.03 | 30.36 | 18.27 | 16.36 |
| Net Profit | (-0.006) | 0.70 | 0.17 | 0.50 |
Valuation of Peer Group Companies:
| Company Name | Face Value | CMP | EPS | PE Ratio | RoNW | NAV |
|---|---|---|---|---|---|---|
| Tirupati Forge Ltd | 10 | 29.00 | 2.01 | 14.43 | 18.65% | 10.78 |
| Ramkrishna Forging | 10 | 556.85 | 6.64 | 83.86 | 0.04% | 171.05 |
| M M Forgings | 10 | 600.10 | 35.97 | 16.68 | 0.14% | 260.00 |
| Sanghvi Forging Ltd | 10 | 37.35 | (-15.12) | NA | (-1.05%) | 14.51 |
IPO Details:
| Details | Info |
|---|---|
| Issue Opens on | 29th September 2017 |
| Issue Closes on:. | 4th October 2017 |
| Issue Price | Rs.29 |
| Face Value | Rs.10 |
| Minimum Lot | 4000 |
| Minimum Investment | Rs.1,16,000 |
| Issue Constitutes | 30.97% |
| Issue Size | Rs.5.22 cr |
| Market Cap | Rs.16.85 cr |
| Listing at | NSE SME |
| Equity Shares Offered | 18,00,000 |
| Equity Shares Prior | 40,12,000 |
| Equity Shares after the issue | 58,12,000 |
IPO Valuation Parameters:
| Earnings Per Share (EPS) | Price To Earnings ratio (PE) | Return on Net Worth (RoNW) | Net Asset Value (NAV) |
|---|---|---|---|
| 2.01 | 14.43 | 18.65% | 10.78 |
Markets Guruji Opinion:
| IPO View | Apply For: | Expected listing Gain: |
|---|---|---|
| Avoid | NA | NA |
